petty cash fund

Q: At the end of the day, the cash register tape lists $1,021.18 as total income from services. Cash on…

A:

Q: The entry to replenish the petty cash fund will include A a credit to Cash for $412. B a credit to…

A: Given information is: Petty Cash fund = $500 Receipts at the end of the month = $412 Currency = $62

Q: Déjà Vu All Over Again Productions Inc. has the following transactions involving their petty cash…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage, etc.…

Q: n December 1, 2021, Hazel Company established a petty cash fund of P50,000, On December 31, 2021,…

A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…

Q: 8 MNC LLC established Petty cash fund to maintain its small expenses with OMR 100. At the end of…

A: Petty cash fund is that fund in business that is established for small petty expenses in the…

Q: Callaho Inc. completed the following petty cash transactions during May and June in 2014 May 1: Drew…

A: Petty cash :— It is the amount of fund used for the payment of small day to day expenditures.…

Q: On 1 September 2018, Desa Utara established a petty cash fund of RM900. At the end of the month the…

A: The petty cash fund is created for day to day cash transactions of the business.

Q: A surprise count of the petty cash fund of Jing Trading on July 4, 2021 showed the following:…

A: Correct amount of petty cash fund at June 30, 2021 = Currencies + Coins + Company check representing…

Q: On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden…

A: Please find the answers to the above questions below:

Q: Oct 1 Established a RM1,000 petty cash fund by issuing cheque payment and appointed Ms. Chan to take…

A: Petty Cash Transactions - Journal Entries: Date Particulars Debit Credit Oct 1 Petty Cash…

Q: The petty cash custodian of Barbie Inc presented the following on December 31, 2015, the end of the…

A: The general ledger shows an imprest petty cash fund balance of 16,000. Coins and Currency - 825…

Q: On December 1, 2021, Andi Company established a petty cash fund of P50,000. On December 31, 2021,…

A: The petty cash fund is maintained by the company for the day to day expenses of the business.

Q: Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the…

A: The petty cash book is prepared for day to day small cash transactions of the business.

Q: You were assigned to account for the Cash account of Dragon Ball, Inc. for the year ended December…

A: Petty Cash Fund It is important to manage the petty cash fund into the business entity which can be…

Q: Ignatius operates the imprest system for petty cash. At 1 July there was a float of $150, but it was…

A: Total cash available=Float 1 july+Received from staff+Cheque drawn=$150+$25+$500=$675

Q: You are assigned to the petty cash count for the KURDAPIA COMPANY at December 31, 2021. The contents…

A: Petty cash fund refers to the fund which is used for paying off the little or small expenses of the…

Q: On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for…

A: Petty cash book is the accounting book prepared for the recording of outlays of miscellaneous…

Q: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 28. On April 2020, Grapes Company established an imprest petty cash fund for P20,000 by writing a…

A: The petty cash fund is established to pay small and regular expenses of the business.

Q: Sohar Aluminium Company established a petty cash fund of RO 5,700 on January 1st. Assume that on…

A: Replenish Amount of Petty Cash = Petty Cash - Petty Cash Balance Replenish Amount of Petty Cash = RO…

Q: The Petty Cash Fund of Joy Manufacturing at the end of the fiscal year ended December 31, 2016 is…

A: Correct balance of petty cash = Currencies + Coins

Q: VKS Company established a petty cash fund of P10,000 on July 1, 2021.  At the end of the month, the…

A: Solution: Total petty cash receipts = 741.90 + 880 + 900 + 1421.40  + 837.60 = 4.780.90

Q: At the end of the day, the cash register tape lists $881.40 as total income from services. Cash on…

A: Cash short and over = Cash income recorded on tape - Cash collected = $881.40 - ($18.25 + $433.60 +…

Q: On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Q: You were able to gather the following from the December 31, 2020 trial balance of PPP COMPANY: Cash…

A: Cash on hand is the amount of accessible cash held by the company. Petty cash fund can be defined as…

Q: The cash account of Ria on December 31,2021 has an balance of P151,000 and it consists of the…

A: Introduction:  The most liquid current assets on a company's balance sheet are cash and cash…

Q: ts checking account and a $200 NSF check written by one of Meyer's customers. Meyer's records show a…

A:

Q: Sunland Company maintains a petty cash fund for small expenditures. These transactions occurred…

A: Petty cash book is the recording of petty cash expenditures which is sorted by the date. It is…

Q: Consider the following independent situations:1. John Smith is the petty-cash custodian. John…

A: Weaknesses and suggest alternative procedures to eliminate the weakness: 1) A weakness is created by…

Q: Western Flyers received its bank statement for the month of July 2019 with an ending balance of…

A: 1. Cheque outstanding are not credited to the bank therefore same will be deducted. 2. Deposit in…

Q: A surprise count of the petty cash fund of Jungkook Pharma on July 4, 2020 showed the following:…

A:

Q: The Marnie Department produced the following data for Amy Company as of December 31, 2021:…

A: Cash is the highly liquid asset one can ever have. The items having the second higher liquidity are…

Q: On April 1, 2021, VKS Co. established a petty cash fund for P80,000 by writing a check drawn against…

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage, etc.…

Q: How much is the petty cash short or over? b. What is the adjusted balance of the petty cash fund at…

A: Petty cash is the cash which is set by the company in order to make the small payments like the tea,…

Q: As of December 31,2020, based on a physical count conducted, the following are the items included in…

A: Cash shortage (overage) = Petty cash fund - Bills and coins - Transportation  - Supplies - Envelope…

Q: Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of…

A: Correct amount of petty cash fund at June 30, 2021 = Currencies + Coins + Company check representing…

Q: The petty cash fund of Liwanag Company on December 31, 20XX is composed of the following:…

A: Petty cash or petty cash fund is the amount that is kept in hand by a company or individual for day…

Q: Hyacinth Company established an imprest petty cash fund for P10,000 by writing a check drawn against…

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: The imprest petty cash balance of Jackie Company is P15,000. At December 31, 2021, the petty cash…

A: Correct amount of petty cash fund for financial reporting purposes = Currencies and Coins + Currency…

Q: Sheridan Company established a petty cash fund on May 1, cashing a check for $100. The company…

A: Petty cash fund will be used for petty expenses.  First, we take some amount from the bank account…

Q: Raffy Tulfo In Action (RTIA) appointed Shelwyn as its petty cash custodian. As at December 31, 2020,…

A: Petty cash is the fund of cash which includes the payments and receipts of minor expenses to be made…

Q: At the end of the day, the cash register tape lists $1,147.42 as total income from services. Cash on…

A: Cash short and over = Income from services + Change Fund - coins - currency - traveler's checks -…

Q: As of December 31,2020, based on a physical count conducted, the following are the items included in…

A: Petty cash maintained to spend for the business related small expense on day-to-day basis.

Q: On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for…

A: Petty Cash fund: It is a fund established to meet the tiny cash expenses of the business. An amount…

Q: At the end of the day, the cash register tape lists $881.40 as total income from services. Cash on…

A: Total cash = coins + currency + traveler's checks + customers' checks = 18.25+433.60+100.00+427.00 =…

Q: Suppose that on June 1, Cool Gyrations l, a disc jockey service, create a a petty cash with an…

A: Petty cash: Petty cash fund is established to pay insignificant amount small expenses like office…

Q: The petty cash custodian reported the following transactions during the month. Prepare the…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Assume that the Petty Cashier of a $700 petty cash fund has $40 in cash plus $660 in receipts at the…

A: SOLUTION PETTY CASH IS A SMALL AMOUNT OF CASH THAT IS KEPT ON THE COMPANY PREMISES TO PAY FOR THE…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.